JPMorgan's Dimon Regrets Calling Bitcoin a 'Fraud'

Bitcoin value

Bitcoin value

JP Morgan Chase CEO Jamie Dimon thinks 4 percent economic growth this year is absolutely a possibility.

"If you're stupid enough to buy it, you'll pay the price for it one day", he said in October. Bitcoin rose around 30 percent in one month following Dimon's speech, where he also compared the currency to tulips bulbs in a reference to the famous market bubble from the 1600s. "You can have cryptodollars in yen and stuff like that".

After his comments earned him a position as one of the more reviled figures among the crypto community, Dimon claimed he was "not going to talk about Bitcoin anymore".

In the interview, he said blockchain - the technology that underpins bitcoin - is "real" and said it is important to look at cryptocurrency offerings individually.

"Shorter Dimon - 'I called Bitcoin a fraud before I knew how much money we could make trading it, '" Michael Shea tweeted.

The currency has so far received a fairly negative reaction from financial institutions with Wall Street bear and former director of the Office of Management for President Ronald Regan David Stockman stating the cryptocurrency boom would end disastrously. "A move in prices below chart support at $14,000 would better energize the bears, to then suggest a challenge of the recent lows scored in late December".

However, Bitcoin has become increasingly hard to ignore.

"I'm not interested that much in the subject at all", he said.

Despite Dimon's criticism, several banks, exchange operators and companies eagerly embraced bitcoin, sparking a spectacular rise in the ctyptocurrency. But the cryptocurrency remains extremely volatile, routinely moving up and down by over $1,000 within hours.

Recently, the bitcoin had surged to trade above $16,000 after the reports surfaced that PayPal co-founder Peter Thiel's Founders Fund had made massive bets on bitcoins in the early last year.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc.

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